Remittances sent back home by expatriate workers living in Saudi Arabia will not be subject to the five percent value-added tax (VAT) that will be launched next month, according to senior bankers quoted by Arab News.
“Money remittance outflows will be exempted,” said Abdullah Ali Nasser Alfuraiji, chief of the Tahweel Al-Rajhi in Riyadh.
Alfuraiji made it clear that “the 5 percent VAT tax would be levied on the remittance service fees, rather than the remittances themselves.”
Companies and businesses with annual revenues of more than SAR 1 million have only two days left to register to obtain their VAT account numbers.
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